Deep Tide TechFlow message: On October 5, Jackyi, founder of Liquid Capital, said in a post that the crypto primary market is accelerating into decline. There are four core reasons: first, the collapse of market narratives—whitepapers and institutional endorsements can no longer easily attract buyers; second, a severe imbalance in project supply, making it extremely difficult for high-quality projects to break through; third, the "1+3" token unlock mechanism delivers targeted harm to VCs, allowing project teams, market makers, and exchanges to exit first with profits; fourth, the cost for leading exchanges to list coins is as high as tens of millions of dollars, inflating project valuation bubbles. He called on industry leaders to improve listing-screening mechanisms, abolish the "1+3" unlock clauses, and push projects to return to genuine revenue and buyback mechanisms to attract long-term participation from secondary-market investors.